Europe Household Refrigerator Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Europe Household Refrigerator Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The European household refrigerator market is poised to register a CAGR of more than 5% in the forecasted period. During the review period, sales of home refrigerators through specialty channels like electronics and appliance specialty stores and home and garden specialty stores have tended to go down, while sales through e-commerce are quickly gaining retail volume shares. When it comes to refrigeration appliances, consumers can easily look at models online or in stores and then buy them through e-commerce. This is especially true for freestanding items. Due to modernization and urbanization.

In 2020, the number of refrigerators sold in stores went down for the first time in a long time. COVID-19 was a shock to the economy that made people less confident, which made some people put off buying big-ticket items. Freestanding freezers were by far the best-selling refrigeration appliances. Their rate of growth in retail volume sales sped up slightly from the previous year. The fact that some households sought to stockpile food during the early stages of the pandemic due to the perceived risk of shortages increased demand for these appliances. Liebherr-Hausgeräte Ochsenhausen GmbH continued to lead refrigeration appliances in countries in Europe. It enjoyed a strong reputation as a specialist offering an extremely wide array of high-quality, durable refrigeration appliances of all types at good value for money, with its frost-free fridge freezers particularly popular.

The revenue from online household appliance purchases will account for USD 28,352 million in 2021. User penetration was 21.9% in 2021 and is expected to hit 33% by forcasted period. Furthermore, with a population that is more concentrated in urban regions, people are spending more on lifestyle changes, which are fueling the growth of the market. With 95%, 85%, and 82% of the total population living in cities and urban areas of Europe's most urbanized cities, Malta, the UK, and the Netherlands, there is a surplus demand for household appliance accessories.

Major appliances such as ovens, dishwashing machines, freezers, microwaves, refrigerators, vacuum cleaners, and washing machines are owned by many households across the Europe. Each one has different requirements when it comes to our fridges and freezers: as much storage space as possible, long-lasting food freshness, innovative yet timeless design, and the use of high-quality materials that ensure an appliance has a long service life. Romania, Portugal, and Italy are the countries with the highest household ownership rate of refrigerators amongst the European countries shown in the breakdown in 2022. Belgium and Sweden have the highest household ownership rate of freezers with more than Sixty percent respectively, according to the Statista Global Consumer Survey.

Adoption of smart household refrigerators and upgrading to new technology lead to increased competition within the company. Innovation and technological advancement are taking pace as COVID-19 and urbanization strike the general population, leading to the adoption of new refrigerators and household appliances. Companies across the world have huge investments in this segment of the market. In Europe, the household refrigerator market has many companies fragmented over minor shares. Liebherr-Hausgeräte Ochsenhausen GmbH, Samsung, Whirlpool, LG, Haier, Bosch, Midea, and Electrolux are among the household refrigerators, fixtures, etc.

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